On September 10, 2002 the company announced that it had signed a letter of intent with Leggett & Platt under which Foamex was to sell GFI to Leggett & Platt. The two companies were unable to reach agreement on definitive terms for the transaction.

Marshall Cogan, Foamex's chairman and founder, said that during the course of negotiations, Foamex "came to the conclusion that the terms of the transaction were not in the best interest of Foamex's shareholders."